There is around three weeks to go until the Champions League returns and it is little surprise that Spanish giants Barcelona and Real Madrid are the two hot favourites to bring the Champions League back to Spain after Inter Milan were slightly shock winners of the competition last year. Barcelona have been better domestically this season but they are likely to raise their game when it comes to playing Arsenal in the next round, a team that they destroyed in the competition last year. Barcelona have either won the Champions League or gone out to the winners in the last three seasons so it would be a good omen for Arsenal if they progress, but they have their work cut out to topple Barcelona who are around 11/5 in the outright betting. Barcelona are just under evens to beat Arsenal at the Emirates, Arsenal are around 3/1 to win that game and are as big as 25/1 now to win the Champions League. Real Madrid are the second favourites in the outright betting, they have failed to make an impact in the competition in recent seasons but they have the services of Jose Mourinho this season, who won the competition last year with Inter Milan and previously with Porto. Madrid are best priced 4/1 to win the Champions League and face a relatively easy tie against Lyon, the French team are no pushovers but are 125/1 to win the tournament. Best of the English challenge this year may be Man Utd, but it is Chelsea who are third favourites in the Champions League odds at 5/1 with most bookies, a fair way ahead of Man Utd who are around 8/1. Chelsea have the easier draw, they face Copenhagen whilst Man Utd will take on Marseille, and that has helped shape those odds although both sides should progress without too much hassle. Spurs have arguably been the highlight of the tournament so far, breaking the scoring record in the competition in the process, and they are around the same price to win the Champions League as their opponents in the next round AC Milan. Both can be backed at just over 20/1. Spurs are yet to win away in the Champions League so far so one of the best bets of the next round could be AC Milan to win at the San Siro at just under even money. There are plenty more great fixtures in the second round of the Champions League and still plenty of value to be had in the outright betting too. The longer the competition goes on, the lower odds you will get on your bets. Get the latest betting news, tips, free bets and Champions League odds at OLBG.